Bitmine Chairman Ties Share Price To Ether Targets: $1,200 To $1,500 If ETH Reaches $62,000
Tom Lee's Wednesday presentation, furnished in an 8-K, says Bitmine is about 100,000 ETH short of its 5% supply goal.
Bitmine Chairman Tom Lee told viewers that Bitmine shares would be worth $1,200 to $1,500 if Ether reached $62,000, according to a video transcript attached to an 8-K filed Wednesday. The shares traded at $24.87 in Wednesday pre-market trading, about 5% below Tuesday's close of $26.20, according to market data.
What the filing says
The 8-K is a Regulation FD disclosure, a filing that gives all investors the same information at once. It attaches a presentation Lee gave at the Token2049 conference in Singapore, a transcript of the video and a press release. The company says the material is not "filed" for liability purposes under the Exchange Act.
The transcript is titled "The Crypto Bull Market Is Underway and the Cycle Is Likely to Be the Largest." Lee said Bitmine is 90% correlated to Ether. At $22,000 a coin, he said, shares would be worth $300 to $500. At $62,000, they would be worth $1,200 to $1,500.
Asked whether tokenization and agentic AI could drive a 25x move in Ether, Lee answered "Probably." He noted Ether's earlier breakouts of 227x in 2016 and 54x in 2019-2020, and said Bitmine's shares were then at $26.
The bull-market case
Lee said institutions such as Franklin Templeton and Fidelity are calling a bull market, and that Bitcoin moved above its 200-day moving average on August 19th. He said Ether outperformed the S&P by 6,500 basis points in the third quarter.
His central argument is tokenization. He put total liquid assets at about $200 trillion, with stocks, bonds and credit at $160 trillion. If 10% moved on-chain, he said, that creates a $16 trillion market.
He also cited inheritance, saying as much as $1.5 to $2 trillion could pass to younger investors in the coming cycle, versus about $450 billion in 2019-2021. He said Ether treasury companies together hold $21 billion of Ether and that only four trade above net asset value, Bitmine among them.
Holdings, buybacks and the preferred
Lee said Bitmine holds almost 6 million ETH and needs about 100,000 more to reach its goal of 5% of Ether's supply. He described the company as "done stacking" as a bull market begins. The 5% goal was previously reported in an August 8-K.
He said Bitmine bought back 21 million shares for $350 million between July 14 and August 17. Its perpetual preferred stock, BMNP, was "currently $99" against an $80 issue price, and he put its cost of funds at 9.56%.
Lee has made a similar bull-market case elsewhere, including at Korea Blockchain Week on Sept. 30; the figure to track is the roughly 100,000 ETH gap to Bitmine's 5% target.
Sources
- 8-K Filing — BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) — SEC EDGAR
- Exhibit ex99-2.htm — BITMINE IMMERSION TECHNOLOGIES, INC. 8-K exhibit — SEC EDGAR
- Exhibit ex99-3.htm — BITMINE IMMERSION TECHNOLOGIES, INC. 8-K exhibit — SEC EDGAR
- 8-K filed 2026-08-24 — BITMINE IMMERSION TECHNOLOGIES, INC. (earlier disclosure) — SEC EDGAR
- Tom Lee’s Crypto Bull Case Gets an AI Twist as BitMine Stock Flashes a Golden Cross — benzinga.com
